A few comments on the recent unfair capital raising via Morgans and Petra.

- steep discount at 20%, raising more than is needed

- raise is $10m, sell down by CEO is $1.5m

- raise went to Morgans and Petra. For those unaware, these are not the people you generally see conduct tight raises. A tight raise might make sense at a discount, for example to an institution or strategic investor. A raise through broker networks is more likely to be pitched to clients as "stock is at 29c, you buy at 23c, make a quick profit"

- if that's the case, look for some pumpy announcement on Monday next week

- shares issued on Friday 27th, so may see some selling that day or on Monday.

- bit of a downer considering previous capital raising had been made available to retail investors.

- doesn't really change the thesis, though it's not good to see.

One article about the capital raising here... doesn't seem like too many still go into bat for retail shareholders though.